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How Bureaux De Change Finance Terrorism – CBN

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BREAKING: I'm Yet To Decide On Contesting For Presidency - Emefiele

The Central Bank of Nigeria ( CBN) has moved to shut down the operations of Aboki FX, a website providing currency exchange information, which the bank described as an illegal and criminal platform.

CBN Governor Godwin Emefiele who disclosed this while fielding questions after the Monetary Policy Committee’s two-day meeting in Abuja on Friday, noted that the bank also plans to prosecute the owner of the platform, Olusegun Oniwinde.

He said: “I have given instructions to our experts to go after his website and let it be clear that we will go after him because we can’t allow this to continue.”

According to Emefiele, the CBN doesn’t recognize any forex market window besides the Investors and Exporters window.

Naira-dollar exchange rate has soared on the platform in the last couple of days. The platform currently recommends that bureau de change operators buy dollar at N560 and sell at N570.

On ban of forex sales to bureau de change operators, Emefiele said that the bank would not go back on its previous stance.

READ ALSO: CBN Bans Sale Of Dollars To Bureau De Change Operators

According to him, these BDC operators sell foreign exchange to criminals who import weapons to harm Nigerians and promote different forms of terrorism.

The CBN governor said: “It truly beats my imagination that Nigerians continued with this type of practice (selling dollars to BDC) that tended to promote illegal activities who are involved in graft and corrupt practices.

“We won’t support the corrupt tendencies of those who illegally buy dollars from our forex market, carry them in aircraft, buy arms and ammunition and bring them back into the country and conduct crimes. Whether it is Boko Haram, banditry and other nefarious activities.”

“Why will CBN give people our forex to go and buy arms? And that is what people want us to continue to do. We cannot do that. What we are saying is that if you have any legitimate need for forex, take it to the bank and they will sell you FOREX.”

 

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Debt Profile Under Buhari Worrisome – CBN

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Yoruba Leader Writes Buhari, Seeks Talks Over Emergence Of Yoruba Nation

Nigeria’s increasing debt profile under President Muhammadu Buhari is a source of worry to the Central Bank of Nigeria ( CBN) .

This was disclosed in a communique by the CBN’s monetary policy committee  released on Wednesday.

“The committee noted the Federal Government’s increasing debt profile and expressed concerns over debt sustainability given that global uncertainties remain elevated”, the apex said.

The financial regulator urged the federal government to take on urgent measures to cope with debt burden.

READ ALSO: ASUU Strike May End Soon As Buhari Gives Education Minister Adamu Deadline

“The MPC thus reiterated its call to the Federal Government to urgently diversify its revenue sources through various initiatives, such as, the development of a viable tax framework for the extractive and mineral export industries, to strengthen its fiscal buffers.”

As at March 2022, Nigeria’s total public debt hit N41.60 trillion, according to the Debt Management Office.

The Buhari regime has often rebuffed concern about its acute borrowings, justifying that the funds are invested in capital projects with lasting impact.

 

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

As a measure to tame rising inflation, the policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 13 percent to 14 percent.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

READ ALSO: CBN Raises Benchmark Interest Rate To 13%

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would help tame rising inflation.

 

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Nigeria’s Inflation Rises Over 18 Per Cent

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Nigeria's Inflation Rises Over 18 Per Cent

The National Bureau of Statistics (NBC) has said that Nigeria’s inflation rate in the month of June 2022 increased to 18.60 percent on a year-on-year basis.

The recorded increase in June is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.

This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (June 2021).

Increases were recorded in all COICOP divisions that yielded the Headline index.

READ ALSO: Ghana Workers Get 15 Per Cent Pay Rise To Cushion Inflation

On a month-on-month basis, the headline inflation rate increased to 1.82 percent in June 2022, this is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent).

The percentage change in the average composite CPI for the twelve months period ending June 2022 over the average of the CPI for the previous twelve months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021.

 

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